| Thu 26 Apr 2012, 10:30 | | OML - Old Mutual Plc - Old Mutual plc to combine OMAM UK and SIG |
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OML
OLOML
OML - Old Mutual Plc - Old Mutual plc to combine OMAM UK and SIG
OLD MUTUAL PLC
ISIN CODE: GB00B77J0862
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Ref 34/12
Old Mutual plc to combine OMAM UK and SIG
Old Mutual plc (Old Mutual) today announces that it will combine two of its UK
asset management businesses, Old Mutual Asset Managers UK (OMAM UK) and Skandia
Investment Group (SIG), into a single business.
The unified business will give Old Mutual a significant asset management
presence in the UK and it will be the investment engine behind Old Mutual`s
Wealth Management business.
The scale of the combined business will allow it to retain and attract talented
investment managers, further develop its product range and investment solutions,
and provide high quality service to its customers.
Julian Ide, currently CEO of OMAM UK, has been appointed CEO of the combined
business with immediate effect, reporting to Paul Feeney, CEO of asset
management for Old Mutual`s Long-Term Savings division.
The senior management team of the new business is undertaking a full review of
its combined operations and expects, subject to regulatory approvals, to make
further announcements about its strategy in the third quarter of 2012.
Paul Feeney said: "Our aim is to become one of the most preferred asset
management partners for financial advisers and their customers in the post-RDR
market. OMAM UK already has strong in-house fund managers, SIG already has
market-leading expertise in managing investment solutions and, through Skandia,
we have significant distribution strength. Combining those elements into one
package creates a very powerful offering for intermediaries and customers."
Enquiries
External Communications / Investor Relations
Patrick Bowes +44 (0)20 7002 7440
Kelly de Kock +27 (0)21 509 8709
Media
William Baldwin-Charles +44 (0)20 7002 7133
Sponsor:
Merrill Lynch SA (Pty) Limited
26 April 2012
Date: 26/04/2012 10:30:01 Produced by the JSE SENS Department.
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